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Inspire Pharmaceuticals, Inc. directors sued by Investor in effort to block Takeover
The Shareholders Foundation announces that an investor in Inspire Pharmaceuticals, Inc. filed a lawsuit in effort to stop the buyout and NASDAQ-ISPH stockholders should email to firstname.lastname@example.org
If you purchased Inspire Pharmaceuticals, Inc. and currently continue to hold those NASDAQ-ISPH shares, you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties in connection the proposed takeover.
On Tuesday, April 5, 201, Inspire Pharmaceuticals, Inc. and Merck announced that they have entered into an agreement under which Merck will acquire Inspire Pharmaceuticals, Inc in a transaction that has a total cash value of approximately $430 million. Under the terms of the proposed takeover, Merck, through a subsidiary, will commence a tender offer for all outstanding common stock of Inspire Pharmaceuticals, Inc at a price of $5.00 per ISPH share in cash. Inspire Pharmaceuticals, Inc.said the offer represents a 26% premium to the closing price of Inspire Pharmaceuticals' common stock on April 4, 2011.
In response to the takeover announcement ISPH shares increased from slightly under $4 on April 4, 2011 to $4.97 on April 5.
However the plaintiff alleges the offer undervalues the company. In fact, shares of Inspire Pharmaceuticals, Inc. traded as high as $8.08 per share in December 2010. In addition, at least on analyst has set a target price of $10.00 per share for Inspire Pharmaceuticals stock. Furthermore Inspire Pharmaceuticals financially performed well for its investors. Inspire Pharmaceuticals’
Those who purchased Inspire Pharmaceuticals, Inc. (Public, NASDAQ-ISPH)
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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.